This paper examines the long-run effects of the 1980-1982 recession on education and income. Using confidential Census … capita in their county of birth reduces four-year college degree attainment by 10 percent and income in adulthood by 3 … graduates and $42-$87 billion less earned income per year. …

expectations data, we find that roughly two-thirds of the income uncertainty present at the time of entrance remains at the end of … college. Taking advantage of a variety of additional survey questions, we provide evidence about how the resolution of income … uncertainty is influenced by factors such as college GPA and college major, and also examine why much income uncertainty remains …